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8 Aug 2014 07:57
No. CS04-08 (KSE / LSE / ISE)
August 8, 2014
1. | The General Manager, Karachi Stock Exchange (G) Limited, Stock Exchange Building, Stock Exchange Road, Karachi. Fax No: 021-111-573-329, 2437560. 2460923, 2415763 | 2. | The Secretary, Lahore Stock Exchange (G) Limited, 19-Khayaban-e-Aiwan-e-Iqbal, Lahore. Fax. No. 042-36368485 |
3. | The Secretary, Islamabad Stock Exchange (G) Ltd, 55-B, ISE Towers, Jinnah Avenue, Islamabad. Fax No. 051-111473329 | 4. | London Stock Exchange Plc., 10 Paternoster Square, London EC4M 7LS. Tel: (44) 20 7334 8907 |
SUBJECT: DISCOVERY OF OIL AND GAS AT PASAKHI DEEP WELL # 04
Dear Sir,
By the grace of Almighty Allah, Oil and Gas Development Company Limited (OGDCL) with 100% working interest in Pasakhi Deep D&PL lease discovered Gas & Condensate from its Development Well i.e. Pasakhi Deep well # 04, which is located in District Hyderabad of Sindh Province.
2. The structure of Pasakhi Deep Well # 04 was delineated, drilled and tested using OGDCL's in house expertise. The Well was drilled down to the depth of 3,460 M, targeting to test the hydrocarbon potential of Massive Sands of Lower Goru Formation, whereby reserves of hydrocarbon have been discovered in Exploratory Well Pasakhi Deep Well # 04. The Zone has been tested with 14.015 MMSCFD of gas and 125 BPD of condensate at 36/64" choke size.
3. This discovery of Hydrocarbon in Pasakhi Deep Well # 04, will add to the hydrocarbon reserves base of OGDCL.
4.. The above is being provided to you in compliance with the requirements of Clause No. (xx) of the Code of Corporate Governance.
Thanking you,
Yours sincerely,
(Ahmed Hayat Lak)
Company Secretary
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